AMERICAN ELECTRIC POWER CO INC
For the period ended Apr 23, 2024. Filed Mar 13, 2024.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 23, 2024 · Filed Mar 13, 2024
Contents
Executive Compensation Program Detail
Summary of Executive Compensation Components. The following table summarizes the major components of the Company’s executive compensation program.
| Component | Purpose | |||
|---|---|---|---|---|
| Base Salary | • | To provide a market-competitive and consistent minimum level of compensation that is paid throughout the year. | ||
| Annual IncentiveCompensation | •• | To focus and align executive's efforts with the Company's objectives for the year.For 2023, the HR Committee approved performance measures categories with the following weights: | ||
| • | Operating Earnings Per Share (60 percent weight) | |||
| • | Safety and Compliance (20 percent weight) | |||
| • | Strategic Initiatives (20 percent weight) | |||
| Long-TermIncentiveCompensation | • | To motivate AEP management to create sustainable shareholder value by linking a substantial portion of their potential compensation directly to longer-term shareholder returns. | ||
| • | To help ensure that Company management remains focused on longer-term results, which the HR Committee considers essential given the large amount of long-term investment in physical assets required in our business. | |||
| • | To reduce executive turnover and maintain management consistency. | |||
Base Salary. The HR Committee determines base salary increases for our named executive officers based on the following factors:
The performance of the executive during the previous year.
The market competitiveness of the executive’s base salary, total cash compensation and total compensation.
The Company’s salary increase budget.
The current scope and responsibilities of the position.
Internal comparisons.
The experience and potential of each executive.
The impact on our business of an executive's departure.
Effective January 1, 2023 base salary increases averaging 4.94% were provided to the named executive officers, other than Ms. Sloat, Mr. Akins and Ms. Kelly who where were new to their roles. The HR Committee established Ms. Sloat’s salary for President and CEO position and Mr. Akins’ salary for the Executive Chair position at $1,200,000 and $1,150,000, respectively, effective January 1, 2023. Mr. Akins salary was a reduction from his previous salary of $1,510,000 for his former position as Chairman and CEO. Ms. Kelly’s salary for the CFO position for the balance of 2022 and for 2023 was negotiated pursuant to her hire on November 30, 2022 at $700,000.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.